President Dr. Mohamed Muizzu has underscored the urgent need for a new climate finance goal that aligns with the true scale of the climate crisis, asserting that “the need is in trillions, not billions.”

Delivering Maldives’ National Statement at the Plenary of 29th Session of the Conference of Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC), Muizzu called for increased global financial commitments to address climate adaptation, mitigation, and loss and damage, especially for vulnerable nations.

Highlighting the unique challenges faced by Small Island Developing States (SIDS), he stated that Maldives is a nation of extraordinary fortitude.

Muizzu stressed that it is lack of finance that inhibits the ambitions of SIDS like the Maldives and called for the updated climate finance framework to prioritize both current needs and future resilience.

He reaffirmed the Maldives’ dedication to climate action, emphasizing that its environment and oceans are integral to the nation’s cultural identity and must be preserved as a “sacred duty.”

Reflecting on the Maldives’ role in climate advocacy, Muizzu noted the nation’s progress on sustainability, including a new Energy Policy, green initiatives for food security and housing, and economic diversification efforts.

Muizzu urged global leaders to reprioritize financial allocations, pointing out the disparity between funds allocated for climate adaptation and other global expenditures.